Algonquin Upbeat on 2024, with Renewables Sale in the Balance
Attachment: Algonquin 4Q23
March 12, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--After a rocky 2023, executives at Algonquin Power & Utilities Corporation (NYSE:AQN) (Oakville, Ontario) see 2024 as "a transition year" in which the company will sell off its renewables business in order to become "a pure-play regulated utility." But Algonquin continues to develop wind and solar projects, despite not yet announcing a buyer, and expects their sale to be a net benefit to the company in the long run. Industrial Info is tracking more than $3.5 billion worth of active and planned projects from Algonquin.
One executive explained: "When we did the strategic review, the realization was [that] we can't invest as much as the opportunity is in that business. So, the pursuit of selling it is so that we can spend more on the regulated business and a buyer can spend more on the renewables business, because it has such a strong platform and a lot of opportunities."
Other companies featured: First Solar Incorporated (NASDAQ:FSLR), NEXTracker (NASDAQ:NXT)
